Give the upcoming conversion, should we be building magic items in both 3.5 and 4.0 as we move forward? I do understand we would only post 3.5 for right now, but it might be a good idea to get ahead of things.

Yes, I think we should do that. And as far as the conversion goes, I think that we will be safe in terms of copyright if we produce our own content and don't reproduce any flavor text from the books. Rules are not copyrightable, so we should be good to go.

I am going to do a site redesign for the 4E roll-out, so we can start making up 4E content any time.

Mantle of Roche: This deep navy, almost black in colored cloak is fashioned from some very smooth cloth, but is also very sturdy. Roche often traveled into places where he needed to conceal his trade goods as it were, and this cloak helped him. When it is wrapped around an item, on command it will cause the item it is wrapped around to disappear. The item can be weigh no more than 50 pounds, and must be no larger than a backpack. While stored in the cloak, the item has no weight. With a command word, the item can reappear. The item is held in stasis. If the wearer begins to fall more than 5 feet, the cloak begins to silently flutter, acting just like a feather fall spell. In addition, this cloak bestows the wearer a +4 competence bonus on Hide checks.
Moderate Transmutation and Faint Illusion;CL 9th; Craft Wonderous Item, shrink item, invisibility, feather fall

Rationale:
I was thinking that if I were a master thief, what would I like. It's probably a custom-created cloak if it has his name. So, if I'm going to be a professional assassin, I want to hide my goods. But a glove of storing is too small. So, why not wrap my backpack or sack in the cloak and poof! Also, I could help evade capture by jumping or diving off of walls. Then there is the almost obligatory bonus to hiding.